The birth of the royal baby boy will bring some limited support for the UK economy according to a note from IHS global insight economist Howard Archer.

The birth is, most obviously, like to boost retail sales through people buying souvenirs and commemorative items. Archer says there is also likely to be a small lift to alcohol sales to toast the royal baby.

The note adds: “There has also been a boost to the bookies through people betting on the sex of the baby and its name.”

However the note warns that spending on souvenirs may be displacing other discretionary spending.

“There will also likely be few if any street parties that the Diamond Jubilee and the Royal Wedding encouraged, so the boost to food and alcohol sales will likely be much more limited.”

He says, however, that other royal events such as William and Kate’s wedding, which entail a public holiday, can have a negative impact on events. Then again, some of that may be compensated by tourism. The increased global coverage of the third in line to the throne could attract tourists.

He is hopeful it could add to a feel good factor along with better economic news and British sporting victories such as Andy Murray winning Wimbledon and Chris Froome winning the Tour de France.